It’s important that you take the time to learn the difference between the various Medicare policy options before choosing a plan to support your health needs in the future. Our team at Good and Associates have significant experience in this area of the marketplace, and in this latest post, we’re highlighting the differences between the Medicare supplement and the Medicare Advantage plan.
What is Medicare Advantage?
Medicare Advantage plans provide full coverage to beneficiaries through private insurance. Beneficiaries receive all the benefits of Medicare Part A and B. Sometimes, these plans will include additional coverage such as dental and eye care. When you join the Medicare Advantage plan, you must continue to pay for Medicare Part B.
What is the Medicare Supplement?
The Medicare supplement is designed to cover additional areas not covered by Medicare. Insurance companies offer different private Medicare supplement plans at different prices and so one company may offer more coverage options than another and require a lower deductible fee. Medicare supplement plans do not provide prescription drug coverage and so those purchasing the Medicare supplement will have to enroll in a separate drug coverage policy.
Which is best for me?
There are various factors to consider when choosing your health coverage. Make sure that you take the following factors into full consideration when making your decision:
- Monthly premiums
- Cost of frequently used health services
- Restrictions on doctors, hospitals, and pharmacies
- Maximum out of pocket expenditures
Is there the chance to choose both?
Unfortunately, you have to select between either Medicare Supplement or Medicare Advantage. You can’t select both and get full coverage between the two plans. Your local insurance specialist can help guide you in choosing a plan for you. They can explain the options available and ensure you make the right decision while taking into the various factors involved in optimal coverage.
Our experienced team at Good and Associates is here to help you make that ideal health insurance coverage choice. To discover more about Medicare and your unique health coverage options, call us today.